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Starting July 2025, GST returns cannot be filed after three years from their original due date, as per the new GSTN rule.
Updated : Jun 7, 2025

GST filing to be blocked after 3 years starting July 2025: New filing rules

GSTN implements a three-year time bar on GST return filings starting July 2025, affecting various return forms.

Transactions above Rs 10 lakh in savings accounts or mutual fund investments must be reported to the Income Tax Department under Form 61A.
Updated : Jun 7, 2025

I-T Dept targets big spenders dodging tax: Here's full list of high-value transactions under watch

The Income Tax Department is tightening its grip on big spenders who underreport income by closely tracking high-value financial transactions. Institutions like banks, post offices, and fintechs must now report such activities to ensure better tax compliance.

The new tax regime offers lower slab rates but limits exemptions—yet allows key deductions like employer NPS and standard deduction.
Updated : Jun 7, 2025

Smart salary tweaks unlock Rs 3.75 lakh in tax savings — even under New Tax Regime; check calculations

Big tax savings are possible—even under the no-exemptions new regime. A case study shows how a Rs 50 lakh salaried employee legally cut taxes by Rs 3.75 lakh through NPS optimisation and better investment choices.

People can keep ₹1 crore worth of gold without paying any tax on i
Updated : Jun 5, 2025

'There’s a tax loophole in India...': Banker reveals how gold worth crores dodges scrutiny

Despite the explosive rise in gold prices and concerns about tax evasion, the CBDT has not revised these limits. Experts warn that this creates a legal shelter for high-value, undocumented wealth.

The Excel utility is now available for both ITR-1 (Sahaj) and ITR-4 (Sugam).
Updated : Jun 4, 2025

Filing ITR-1 or ITR-4 online enabled: Prefilled data, LTCG option, regime switch added

The Income Tax Department has activated online filing for ITR-1 and ITR-4 for AY 2025–26, featuring prefilled data and updated forms. Taxpayers now have until September 15, 2025 to submit their returns under the revised deadline.

Before submitting your return, make sure to cross-check the pre-filled details with your own records. Even small mistakes can lead to tax notices, delays in refunds, or additional liabilities.
Updated : Jun 3, 2025

HRA, Section 80C, Section 24b claims get tough: New ITR rules tighten grip on old tax regime filers

- Enhanced disclosure requirements for taxpayers opting for the old tax regime. - Automation of deduction verification aims to reduce errors. - New rules necessitate detailed information for deductions.

Under Section 244A of the Income Tax Act, taxpayers are entitled to simple interest at 0.5% per month (6% annually) on refunds due to them. Normally, returns filed by the standard July 31 deadline start accruing interest until the refund is issued.
Updated : Jun 3, 2025

Sending money to India? New US tax could cost NRIs Rs 2,900 per Rs 83,000 transfer

Remittances from the US could soon carry an added cost for immigrants, including NRIs and visa holders. A proposed 3.5% excise tax, passed by the US House as part of the “One Big Beautiful Bill,” has sparked concern among the Indian diaspora.

The objective is clear: weed out fake claims, enforce accountability, and boost compliance through automated verification.
Updated : Jun 2, 2025

Faked a tax deduction? New ITR rules could slap you with 200% penalty and prosecution

Education and home loan benefits under Sections 80E, 80EE, and 80EEA now require detailed disclosures, including lender names, loan account numbers, and sanction dates. For electric vehicle deductions under Section 80EEB, even vehicle registration numbers must be disclosed.

“Finance isn’t just for the rich,” Joshi warned. “It’s for every middle-class family that wants to stop living paycheck to paycheck.”
Updated : Jun 1, 2025

'We teach kids to crack IIT, not file an ITR': Analyst in brutal middle-class takedown

According to the National Centre for Financial Education, only 27% of Indian adults are financially literate. Less than 10% of households have retirement plans.

Under Section 244A of the Income Tax Act, taxpayers are entitled to simple interest at 0.5% per month (6% annually) on refunds due to them. Normally, returns filed by the standard July 31 deadline start accruing interest until the refund is issued.
Updated : May 31, 2025

ITR deadline extended: Taxpayers may get 33% higher refund interest as ITR filing pushed till September 15 

The deadline for filing ITR has been extended, giving taxpayers more time to submit their returns. This extension not only benefits those who need extra time to file but also provides a surprise advantage to taxpayers eligible for income tax refunds.

Under ITR 1 and ITR 4, enhanced disclosures now include loan details, insurance policy numbers, and HRA breakdowns to validate deductions.
Updated : May 31, 2025

Filing ITR for AY2025–26? 7 new details you must provide in ITR-1, ITR-4 under Old Tax Regime

Currently, individuals eligible to file ITR-1 (Sahaj) and ITR-4 (Sugam) can begin preparing and submitting their returns using these utilities. However, the facility for direct online filing of ITRs has not yet been activated. The due date to file income tax returns for FY 2024–25 is September 31, 2025.

In ITR-1, a new dropdown option has been added under ‘Exempt Income’ to report LTCG under Section 112A.
Updated : May 31, 2025

ITR filing alert 2025-26: Excel utilities for ITR-1, ITR-4 now support LTCG, rent receipts, new tax regime

The Income Tax Department has rolled out updated Excel utilities for ITR-1 and ITR-4 for AY2025–26. These forms now support exempt LTCG reporting, rent deduction under 80GG, and regime continuity checks.

The SmartWealth App allows investors to Instant SIP to help users start mutual fund investments immediately, and offers a single view of mutual funds, fixed deposits, and demat holdings.
Updated : May 30, 2025

HDFC Bank launches capital gains report feature on SmartWealth App

The newly launched Capital Gains & Losses Report feature aims to simplify the traditionally cumbersome task of tracking and compiling investment data spread across multiple platforms, particularly during tax filing.

The newly released ITR-1 and ITR-4 Excel utilities mark a significant change for taxpayers with long-term capital gains from equity cases not exceeding Rs 1.25 lakh.
Updated : May 30, 2025

 New ITR utilities out for AY2025-26 — but filing remains on hold! Here’s what’s missing

The Income Tax Department has released offline Excel utilities for ITR-1 and ITR-4, but online filing remains inaccessible. Taxpayers must await further updates and necessary documents before filing returns.

The I-T Department has extended the income tax return (ITR) filing deadline for Financial Year 2024–25 (Assessment Year 2025–26) from July 31, 2025, to September 15, 2025.
Updated : May 30, 2025

ITR filing 2025: Excel utilities out for Sahaj and Sugam forms, key changes alert for taxpayers

The offline tools for ITR-1 (Sahaj) and ITR-4 (Sugam) are now accessible on the official e-filing portal for download.

The new rule notified by CBDT with effect from April 22, 2025 will bring into the ambit of the 1% TCS a number of specified goods that cost over Rs 10 lakh
Updated : May 29, 2025

Retirement gets tax-friendly: Gratuity to Rs 5 lakh exemption - CBDT's major perks for retirees

The Central Board of Direct Taxes (CBDT) has rolled out comprehensive guidelines offering tax benefits to retired individuals, including deductions for health insurance, special provisions for interest income, and exemptions for senior citizens. These measures aim to ease the financial burden on retirees.

Employers are mandated by income tax rules to file their e-TDS returns for the January-March quarter by May 31. Following this, the TDS certificate, Form 16, must be issued by June 15.
Updated : May 29, 2025

TDS mismatch in Form 16? Your Form 16 isn’t always right - salaried employees must do this before filing ITR

Salaried individuals must compare Form 16 with Form 26AS to avoid TDS mismatches. Verify PAN accuracy and report all income sources in ITRs to prevent tax notices.

He says India must stop viewing the middle class purely as a consumer market and start recognizing it as the country’s backbone.
Updated : May 29, 2025

'You’re not rich enough for wealth creation': Delhi startup founder warns of rising middle-class strain

Kasturia argues that the middle class is left out of economic design: high tax-paying, high-spending citizens who receive little policy attention. “We are spending more to feel stable, and slipping deeper into debt to maintain the illusion.”

The Leave Travel Allowance (LTA) forms a component of an employee’s Cost-to-Company (CTC) package. The company offers this allowance to offset the travel costs incurred during vacation leave.
Updated : May 28, 2025

Salaried taxpayers alert: You can’t claim LTA under New Tax Regime; check details

The new tax regime from FY 2025-26 offers zero tax on incomes up to Rs 12 lakh, making it an attractive option for many. However, taxpayers lose out on key benefits like LTA exemption under this simplified system.

ITR Filing 2025
Updated : May 28, 2025

ITR filing deadline extension = bigger refunds? Experts decode the money math for taxpayers

The Income Tax Department has extended the ITR filing deadline to 15 September 2025, potentially increasing interest payouts on refunds, affecting both Indian and NRI taxpayers.

The CBDT has already officially released the applicable ITR forms—ITR-1 to ITR-7—marking the beginning of the tax season for Assessment Year 2025-26.
Updated : May 27, 2025

CBDT extends ITR filing deadline to September 15 from July 31; check details

The decision comes in light of substantial updates made to ITR forms this year, along with necessary adjustments to the filing system and delays in TDS credit reflections. The extension is aimed at ensuring a smoother and more accurate tax filing experience for all categories of taxpayers.

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